Please enable JavaScript.
Coggle requires JavaScript to display documents.
Entrepreneurship & Mindset (Sustainable Entrepreneurship ('…
Entrepreneurship & Mindset
Nature & Development
Definition
Engaging business > Make profit
Chad Brooks - (develop business) idea > profitable business
Has entrepreneurial thinking & oppurtunity
Plan strategy,decide action,organize > develop products
ENT Opportunity
Could introduce & sell profitable products
Assess situation,exploit problem
Convertible,attractive,lucrative
ENT Action
Make products,sell to market
Organized business
Desirably materialize idea
Important & facing uncertainties
ENT thinking
Mental process & decision
Whether...
Environment change > opportunity
Others oppurtunity is his opportunity
Processing actions feedback
How ENT Think ? (face uncertainties)
Bricolage (no enough resources)
Altering (e.g experimenting) resources at hand
New purpose than intended
Solve problem (new opportunity)
Grayson Hill Farm (methane electric > tomato greenhouse > tilapia > selling methane)
Effectuation
Big uncertainties,unpredictable future (no set goal)
Means first,different outcomes
Cooperating trustful parties
Available resources > Best action > Minimal losses
Some manipulation might determine future
Structurally (cognitive distinction)
Mental leaps produce new products (e.g knowledge + experience etc)
Old & new products connection...
Superficial similarities = Equal physical presentation (Tesla car vs hybrid car)
Structural similarities = Equal mechanism in both (Skate board vs hover board)
Distinct of tech & product from market (mental leaps)
Cognitive Adaptability
Dynamic,flexible,self-regulative (adaptive & creative)
Plan & implement alternative (sense & change situation)
Ways to Achieve:
Comprehension task
Internal & external cause & effect
Understand situation, understand problem
Seeking opportunity (knowledge & experience)
Connection task
Event comparison
Sensing similarities & differences
Copy necessary step,avoid faulty step
Strategic task
Objective > Info > Forecast > Alternatives > Select alternative > Detailing alternative
DM on strategy
Reflection task
Implementation feedback
Corrective action > Follow-up
Expectation vs. Actual performance
Reflects personal thought & feeling
Intention to Act Entrepreneurially
Motivation for entrepreneurial action
High opportunity > High capability > Strong desire > Strong intention
Strong intention means...
Feasible
Believing capability for business outcome (High self-efficacy)
Well-versed action,more effort given
Has adequate resources,longer time frame etc.
Desirable
Favorability towards business outcomes
Reflects attitude of action
To grab opportunity,enter market,sell products
ENT Roles
Innovation
Job opportunities
Provide neglected service
Venture Creation
ENT Background
Work history
Influence venture launching (Boon Siew)
Work experience > knowledge + skills (marketing)
Important in set up & managing business
Age
Reflects experience
Older age > More experience
Hardened knowledge & skill
Most entrepreneur (22-45 yrs old)
Education
Skills + knowledge (communication + accounting,management)
Orientation (entrepreneurship & innovation)
Major formation factor (informal: course / formal: university)
Role Model (selection is influential)
As mentor (at a start > continuous guide)
Establish network (density vs. centrality)
Near family/successful entrepreneur
Network provides support
Support system
Moral
By near family/ friend
More honest advice
Emotional + motivation support
Spouses is biggest supporter
Professional
Professional advice & councel
Mentor (startup & continuous guide)
Professional network
Client (word-of-mouth advertising)
Supplier (industrial trends)
Trade association (same industry, economic gain, education, political affiliation)
Personal affiliation
Sustainable Entrepreneurship
'Business with Cause' - world problem > profitability
Economic - cheap products, job opportunities, government revenue
Business for economic, social, environment gain
Environment - reduce air pollution, provide drinkable water, educate public awareness
Social - engaging CSR